Biden announces extension on student loan payment pause
President Biden announced the student loan payment and interest freeze is being extended until June 30th 2023.
He says the extension will give the Supreme Court time to hear a case on the matter in it’s current term and settle once and for all whether the President’s forgiveness plan is legal. President Biden used executive action to forgive 10 to 20 thousand dollars for borrowers who make less than 125 thousand dollars a year.
“But Republican Special interests and elected officials sued to deny this relief, even for their own constituents. But I’m completely confident my plan is legal. But right now it’s on hold because of these lawsuits.”
Payments and interest have been frozen since the spring of 2020, but they were scheduled to start again in January. The President says it’s not fair to have borrowers resume payments while the case is working its way through the courts. Straight from DC, I’m Ray Bogan